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    Author: Crosby_research

    CROSBY Research – Central New Energy (1735.HK/ NR) – N-Type Pioneer

    CROSBY Research – Central New Energy (1735.HK/ NR) – N-Type Pioneer

    19 Sep 2025 CNE is accelerating its transition to sustainable new energy business and prioritizing renewable energy initiatives, with the plan to gradually scaling back its green construction operations and other non-core businesses. Since 2022, the Group has invested in

    Crosby_research September 19, 2025September 19, 2025 RESEARCH Read more

    CROSBY Research – Sunny Optical (2382 HK/ BUY): Improving profitability on better product mix

    CROSBY Research – Sunny Optical (2382 HK/ BUY): Improving profitability on better product mix

    18 Sep 2025 Sunny Optical’s 1H25 revenue was up by 4.2% YoY to Rmb19.65bn, driven by i) 1.7% YoY increase in handset segment (HLS/HCM) to Rmb13.2bn on better product mix with higher ASP; ii) 18.2% YoY increase in vehicle segment

    Crosby_research September 18, 2025September 18, 2025 RESEARCH Read more

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): Strong August shipment growth for CCM and FPM

    CROSBY Research – Q-Tech Group (1478 HK/ NEUTRAL): Strong August shipment growth for CCM and FPM

    12 September 2025 Q-Tech’s CCM and FPM shipment maintained strong momentum in 8M25. Total sales vol. of CCM increased 18.4% MoM/ 44.3% YoY to 47.1m units in 8M25. The strong YoY increase was primarily driven by the company’s expanded market

    Crosby_research September 12, 2025September 12, 2025 RESEARCH Read more

    EMPEROR/CROSBY Research: Anta (2020 HK/BUY): Robust sales from Descente and Kolon

    EMPEROR/CROSBY Research: Anta (2020 HK/BUY): Robust sales from Descente and Kolon

    12 Sep 2025 Anta’s 1H25 revenue was up by 14.3% YoY to Rmb38.54bn, mainly driven by i) 5.4% YoY growth from core brand sales to Rmb16.95bn as a result of online growth, product enhancement and better store positioning; ii) 8.6%

    Crosby_research September 12, 2025September 12, 2025 RESEARCH Read more

    CROSBY Research – China Lesso (2128 HK/BUY): 1H25 demonstrated resilience amid challenging market

    CROSBY Research – China Lesso (2128 HK/BUY): 1H25 demonstrated resilience amid challenging market

    3 September 2025 In 1H25, the global economic recovery remained sluggish, weighed down by persistent geopolitical tensions and rising trade protectionism which continued to cloud the growth outlook. China’s economy on the other hand began to show renewed resilience following

    Crosby_research September 3, 2025September 3, 2025 RESEARCH Read more

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): A stellar set of 1H25 results

    CROSBY Research – Wasion Holdings (3393 HK/NEUTRAL): A stellar set of 1H25 results

    1 September 2025 Wasion’s 1H25 turnover increased by 17.3% YoY to Rmb4.4bn, while NP grew by 32.8% YoY to Rmb439.6m. In 1H25, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded growth of 29.8%/12.8%/6.1% to Rmb1.9bn/

    Crosby_research September 1, 2025September 1, 2025 RESEARCH Read more

    CROSBY Research – XTEP (1368 HK/BUY): Strong growth in professional sportswear

    CROSBY Research – XTEP (1368 HK/BUY): Strong growth in professional sportswear

    21 Aug 2025 Xtep’s 1H25 revenue was up by 7.1% YoY to Rmb6,838m, mainly driven by i) 4.5% YoY growth from core brand sales to Rmb6,053m as a result of the robust growth in online channels and increase in footwear

    Crosby_research August 21, 2025August 21, 2025 RESEARCH Read more

    CROSBY Research – TK Group (2283 HK/ NR): Resilient 1H25 results despite tough operating environment

    CROSBY Research – TK Group (2283 HK/ NR): Resilient 1H25 results despite tough operating environment

    20 Aug 2025 TK Group’s (TKG) 1H25 revenue amounted to HK$1.1bn, representing a YoY increase of 4.3%, while NP also went up by 8.8% YoY to HK$86.8m. The mold fabrication segment delivered robust growth in 1H25, by registering 30.4% YoY

    Crosby_research August 20, 2025August 20, 2025 RESEARCH Read more

    CROSBY Research – OrbusNeich Medical (6929 HK/ NR): Fuel growth through portfolio and capacity expansion

    CROSBY Research – OrbusNeich Medical (6929 HK/ NR): Fuel growth through portfolio and capacity expansion

    18 Aug 2025 OrbusNeich is a global medical device company focused on interventional technologies for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) has announced its 1H25 results. In 1H25, the company faced considerable challenges stemming from a complex

    Crosby_research August 18, 2025August 18, 2025 RESEARCH Read more

    CROSBY Research – Concord New Energy (182 HK/BUY): Weaker than expected 1H25

    CROSBY Research – Concord New Energy (182 HK/BUY): Weaker than expected 1H25

    18 Aug 2025 CNE’s 1H25 revenue was down by 6.6% YoY to Rmb1,400m, mainly due to a 2.1% YoY decline in power sales to Rmb1,335m, which accounted for 95.4% of total revenue (1H24: 91.0%), and also a 52% YoY decrease

    Crosby_research August 18, 2025August 18, 2025 RESEARCH Read more
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